Dana Petroleum Advises Shareholders To Accept KNOC Offer

Dana Petroleum PLC (DNX.LN) said Friday it now recommends shareholders accept Korea National Oil Corp.'s offer for the company.

MAIN FACTS:

-Board of Dana notes the announcement this morning by KNOC that, as at 1200 GMT on Sept. 23, KNOC owned or had received valid acceptances in respect of a total of 59,468,291 Dana Shares which represents approximately 64.26% of the issued share capital of Dana, including the 29.5% of the issued share capital of Dana acquired by KNOC on Sep. 17.

-The Board of Dana further notes that KNOC has now declared the offer wholly unconditional.

-While the Board remains highly confident in the standalone prospects of Dana, the Board recognizes there are risks to Dana shareholders of remaining as a minority shareholder in Dana in light of KNOC's stated intention to procure that Dana cancels both its listing on the UKLA's Official List and its admission to trading on the London Stock Exchange if sufficient acceptances of the Share Offer are received, as set out in the KNOC Offer Document.

-For this reason, the Board, which has been so advised by RBS Hoare Govett, RBC Capital Markets and Morgan Stanley, now recommends that shareholders accept the Share Offer, as the Board intends to do in respect of its own beneficial holdings.

-Shares at GMT up 4 pence, or 0.2%, at 1797 pence.

-By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268; tommy.stubbington@dowjones.com

Dana Petroleum (LSE:DNX)
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